Section 132 Interpretation of Part

In this Part—

• “cash equivalent” means an amount calculated in accordance with regulations made under section 93 (calculation of cash equivalents) of the 1993 Act M1;

• “guarantee date” has the meaning given in regulation 135;

• “guaranteed cash equivalent” means, in relation to calculating the transfer value of accrued rights to benefits under this scheme, the cash equivalent of those benefits as at the guarantee date, as specified in a statement of entitlement;

• “statement of entitlement” means, in relation to an active or deferred member's accrued rights to benefits under this scheme, a statement by the scheme manager of the cash equivalent of those benefits as at the guarantee date;

• “transfer value” means—

  1. (a)

     for accrued rights to benefits under this scheme, an amount equal to—

     1. (i)

        the guaranteed cash equivalent of those benefits; or

     2. (ii)

        the guaranteed cash equivalent together with any increase payable under regulation 137; and

  2. (b)

     for accrued rights to benefits under another pension scheme, an amount—

     1. (i)

        determined by the scheme actuary of that scheme; and

     2. (ii)

        specified in a statement of accrued rights provided by the scheme manager of that scheme.